State Street Asset Management's monthly gold monitoring report indicates that spot gold prices reached new highs in early September, breaking through $3,500, primarily driven by multiple intertwining macroeconomic factors, including elevated valuations in equities (particularly the technology sector), continued steepening of government bond yield curves in developed markets, and high uncertainty surrounding U.S. policy. The report states that due to numerous and unpredictable potential economic outcomes, gold has continued its strong performance this year, outpacing other U.S. dollar-denominated asset classes. The U.S. labor market is gradually cooling, consumer confidence is becoming more conservative, and recent economic data also shows increasingly significant tariff impacts, with the overall disinflationary trend facing challenges. Compared to several months ago, State Street believes that risks of stagflation, equity market corrections, or significant market volatility have increased rather than decreased. Meanwhile, physical gold demand from central banks and investment channels continues to rise. State Street indicates that if gold prices can maintain their recent momentum after the Federal Reserve's September policy meeting, the firm expects to raise the probability of the long-term optimistic scenario range ($3,500-3,900) from 30% to 40% in October. Additionally, State Street Asset Management maintains that the floor price for gold in the base case scenario remains at $3,100, and believes there is a high probability of gold rising another $500 over the next 6-12 months.